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Previous: STORAGE DIMENSIONS INC, S-1/A, 1997-02-26 |
Next: AMERITRADE HOLDING CORP, S-1/A, 1997-02-26 |
_____________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event
Reported): February 25, 1997
HEADLANDS MORTGAGE SECURITIES INC.
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-16679 Applied For
- ---------------------------- -------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
700 Larkspur Landing Circle,
Suite 240
Larkspur, California 94939
- ---------------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (415) 925-5442
-----------------
- ---------------------------------------------------------------------------
(Former Address:
- ---------------------------------------------------------------------------
Item 5. Other Events
------------
Filing of Computational Materials.
- ---------------------------------
In connection with the offering of the Headlands Mortgage Securities
Inc. (the "Company") Mortgage Pass-Through Certificates, Series 1997-1 (the
"Certificates"), Bear, Stearns & Co. Inc., as the underwriter of the
Certificates (the "Underwriter") has provided certain materials (the
"Computational Materials") for distribution to its potential investors.
Although the Company provided the Underwriter with certain information
regarding the characteristics of the mortgage loans (the "Mortgage Loans")
underlying the Certificates, the Company did not participate in the
preparation of the Computational Materials.
For purposes of this Form 8-K, Computational Materials shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Certificates, any of the following: yield; average life;
duration; expected maturity; interest rate sensitivity; loss sensitivity;
cash flow characteristics; background information regarding the Mortgage
Loans; the proposed structure; decrement tables; or similar information
(tabular or otherwise) of a statistical, mathematical, tabular or
computational nature. The Computational Materials are attached hereto as
Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial
-----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
HEADLANDS MORTGAGE SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
-----------------------------------
Name: Gilbert J. MacQuarrie
Title: Vice President
Dated: February 26, 1997
Exhibit Index
-------------
Exhibit Page
- ------- ----
99.1 Computational Materials
EXHIBIT 99.1 COMPUTATIONAL MATERIALS
------------------------------------
HL0297-FINAL
HL0297-FINAL CLASS C ( ) PLAIN VAN PAC NOT AVAIL
ORIG BAL 17,570,000 FAC 1.00000 COUP 6.900 MAT // WAC
-0.000(0.000) WAM- / (22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: C( )
<TABLE>
<CAPTION>
Price */V100 prepay
losses
3.06 Avg. Life
09/99 1st Prin
09/00 Last Prin
<S> <C> <C>
99:16 7.03 Yield
2.67 Duration
99:20 6.98 Yield
2.67 Duration
99:24 6.94 Yield
2.67 Duration
99:28 6.89 Yield
2.67 Duration
100:0 6.84 Yield
2.68 Duration
100:4 6.80 Yield
2.68 Duration
100:8 6.75 Yield
2.68 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS S ( ) PLAIN VAN
ORIG BAL 76,031,000 FAC 1.00000 COUP 3.013 MAT // WAC
-0.000(0.000) WAM- / (-22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: S( )
<TABLE>
<CAPTION>
Price */V100 prepay
5.4375% losses
2.68 1M_LIB
03/97 Avg. Life
07/10 1st Prin
Last Prin
<S> <C> <C>
4:29 31.40 Yield
1.23 Duration
4:31 30.38 Yield
1.25 Duration
5:1 29.39 Yield
1.26 Duration
5:3 28.42 Yield
1.28 Duration
5:5 27.48 Yield
1.30 Duration
5:7 26:56 Yield
1.32 Duration
5:9 25.67 Yield
1.33 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS A ( ) PLAIN VAN PAC NOT AVAIL
ORIG BAL 28,141,000 FAC 1.00000 COUP 6.600 MAT // WAC
-0.000(0.000) WAM- / (22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: A( )
<TABLE>
<CAPTION>
Price */V100 prepay
losses
0.87 Avg. Life
03/97 1st Prin
08/98 Last Prin
<S> <C> <C>
99.19+ 6.68 Yield
0.82 Duration
99.23+ 6.52 Yield
0.82 Duration
99.27+ 6.37 Yield
0.82 Duration
99.31+ 6.22 Yield
0.82 Duration
100.3+ 6.07 Yield
0.82 Duration
100.7+ 5.92 Yield
0.82 Duration
100.1+ 5.77 Yield
0.82 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS D ( ) PLAIN VAN PAC NOT AVAIL
ORIG BAL 18,096,000 FAC 1.00000 COUP 7.100 MAT // WAC
-0.000(0.000) WAM- / (-22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: D( )
<TABLE>
<CAPTION>
Price */V100 prepay
losses
4.07 Avg. Life
09/80 1st Prin
10/01 Last Prin
<S> <C> <C>
99:17 7.22 Yield
3.42 Duration
99:21 7.18 Yield
3.42 Duration
99:25 7.14 Yield
3:42 Duration
99:29 7.11 Yield
3:42 Duration
100:1 7.07 Yield
3:42 Duration
100:5 7.03 Yield
3:42 Duration
100:9 7.00 Yield
3:42 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS F ( ) PLAIN VAN
ORIG BAL 76,057,000 FAC 1.00000 COUP 5.987 MAT // WAC
-0.000(0.000) WAM- / (-22766)
1.0000 X 1 - MO LIBOR + 0.5500 CAP 9.0000 @ 8.4500
FLOOR 0.5500 @ 0.0000
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: F( )
<TABLE>
<CAPTION>
Price */V100 prepay
losses
5.4375% 1M_LIB
2.68 Avg. Life
03/97 1st Prin
07/10 Last Prin
<S> <C> <C>
99:20 6.24 Yield
2.31 Duration
99:24 6.18 Yield
2.32 Duration
99:28 6.13 Yield
2.32 Duration
100:0 6.08 Yield
2.32 Duration
10:4 6.02 Yield
2.32 Duration
100:8 5.97 Yield
2.32 Duration
100:12 5.92 Yield
2.23 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS L ( ) PLAIN VAN PAC NOT AVAIL
ORIG BAL 55,000,503 FAC 1.00000 COUP 7.750 MAT // WAC
-0.000(0.000) WAM- / (-22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: I( )
<TABLE>
<CAPTION>
Price */V100 prepay
11.52 losses
03/02 Avg. Life
01/27 1st Prin
Last Prin
<S> <C> <C>
101:12+ 7.62 Yield
7.11 Duration
101:16+ 7.60 Yield
7.12 Duration
101:20+ 7.58 Yield
7.12 Duration
101:24+ 7.56 Yield
7.13 Duration
101:28+ 7.55 Yield
7.13 Duration
102:0+ 7:53 Yield
7.13 Duration
102:4+ 7.51 Yield
7.14 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS B-2 ( ) BBB-RATED SUB
ORIG BAL 3,887,000 FAC 1.00000 COUP 7.750 MAT // WAC
-0.000(0.000) WAM- 1 (-22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: B2( )
<TABLE>
<CAPTION>
Price */V100 prepay
10.94 losses
03/97 Avg. Life
01/27 1st Prin
Last Prin
<S> <C> <C>
99:9+ 7.91 Yield
6.76 Duration
99:13+ 7.89 Yield
6.76 Duration
99:17+ 7.87 Yield
6.77 Duration
99:21+ 7.85 Yield
6.77 Duration
99:25+ 7.84 Yield
6.78 Duration
99:29+ 7.82 Yield
6.78 Duration
100:1+ 7.80 Yield
6.78 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS L ( ) PLAIN VAN PAC NOT AVAIL
ORIG BAL 55,000,503 FAC 1.00000 COUP 7.750 MAT // WAC
-0.000(0.000) WAM- 1 (-22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: L( )
<TABLE>
<CAPTION>
Price */V100 prepay
11.52 losses
03/02 Avg. Life
01/27 1st Prin
Last Prin
<S> <C> <C>
101.29+ 7:54 Yield
7:13 Duration
102:1+ 7:53 Yield
7:13 Duration
1012.5+ 7:51 Yield
7:14 Duration
102:9+ 7:49 Yield
7:14 Duration
102:13+ 7:47 Yield
7:15 Duration
102:17+ 7:46 Yield
7:15 Duration
102:21+ 7:44 Yield
7:16 Duration
</TABLE>
HL0297-FINAL
HL0297-FINAL CLASS B ( ) PLAIN VAN PAC NOT AVAIL
ORIG BAL 22,732,000 FAC 1.00000 COUP 6.800 MAT // WAC
-0.000(0.000) WAM- 1 (-22766)
PRICE/YIELD VIEW Fact Thru 09/9999 Hist Coupons
SETTLE DATE 28-Feb-1997 CURVE DATE 24-Feb-1997
Tranche: B( )
<TABLE>
<CAPTION>
Price */V100 prepay
2.05 losses
08/98 Avg. Life
09/99 1st Prin
Last Prin
<S> <C> <C>
99:22 6.84 Yield
1.85 Duration
99:26 6.77 Yield
1.85 Duration
99:30 6.71 Yield
1.85 Duration
100:2 6.64 Yield
1.85 Duration
100:6 6.57 Yield
1.85 Duration
100:10 6.51 Yield
1.85 Duration
100:14 6.44 Yield
1.85 Duration
</TABLE>
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